Apple Buys $14 Billion of Own Shares

CEO Tim Cook said Apple bought back $14 billion of its stock in the last two weeks.

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By WSJ Staff

Apple CEO Tim Cook has is responding to investors worried about the company’s sinking stock price.

In an interview Thursday with The Wall Street Journal, Cook said Apple repurchased $14 billion of its stock in the last couple of weeks, after investors were spooked by disappointing iPhone sales and other metrics in a quarterly earnings report.

Cook said the move was a sign of confidence. It’s also effectively a response to activist investor Carl Icahn, who has been pushing the company to use its giant cash stockpile to buy more shares.